Bitcoin price is testing a key support zone as analysts watch whether buyers can defend the current short-term structure, on Thursday, May 14. Market data shows BTC remains positive on the daily and weekly charts, while trading activity has increased across the market.
At the time of writing, Bitcoin (BTC) is trading at $80,872.06, marking a 1.69% rise in the past 24 hours. As per CoinMarketCap data, the trading volume stands at $37.49 billion, up 19.34%, while the crypto king has gained 0.78% over the last seven days.
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Bitcoin Price Tests Key Trendline
Crypto analyst Ali Martinez highlighted that BTC could be ready for a bounce. He noted that since April 9th, Bitcoin’s price performance has been led by an ascending channel, and BTC has been making repeated attempts to test the higher resistance level.
Martinez cited two recent examples from the same pattern. Bitcoin has rallied back from the $71,000 price level and continues to climb 11% to the channel top around $78,000 on April 13.
He also referenced the move on April 30. Bitcoin was trading flat at $75,000 before rising 10.52% to a high of $82,900.
The analyst said Bitcoin is now testing the same rising support trend line at about $79,000. A continuation of this price level could lead to BTC consolidating to the upper channel area around $86,000.
Analysts cautioned that if they did not defend $79,000, the current situation could be compromised. He said it will signify a one-month trend reversal and potential retesting of support levels.
Bitcoin Price Faces Pressure After Trendline Break
Additionally, another analyst, Cryptorphic, mentioned that the Bitcoin price is sitting at an important support zone after losing a short-term rising trendline.
He noted that BTC is attempting to stabilize in the $79,400s, but the overall structure began to show weak signs. He added that Bitcoin is still struggling to reclaim higher levels after the recent move below support.
The analyst noted that the quick recovery after the drop may have created a possible fake breakdown. However, he added that buyers would need to demonstrate strength as Bitcoin continues to trade below the broken trendline.
The analyst added that $79,400 is the main level to watch in the near term. He said that if BTC begins closing below that level, then it could have a deeper correction to follow after the immense rally.
Bitcoin’s price prediction has now been left on the $79,000-$79,400 support. A hold may be able to lead to another rebound, but a clear break might signal short-term sellers’ momentum.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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